Oil prices rebound 1% on concerns wider Mideast conflict may cut supply

Home Business Oil prices rebound 1% on concerns wider Mideast conflict may cut supply 06-08-2024 09:58 AM Ammon News - Oil prices rebounded by 1% on Tuesday, paring the previous session's loss, on supply concern amid an escalating Middle East conflict, stronger U.S. services sector data and a cut in production at Libya's Sharara oilfield. Brent crude futures gained 76 cents, or 1%, to $77.06 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude futures climbed 92 cents, or 1.26%, to $73.86. On Monday, both benchmarks fell about 1% against a backdrop of falling global stock markets. BP shares surged as much as 9% at the start of trade Tuesday, before settling back with gains of around 2%. Price gains also occurred amid a broader rally in Asian equity markets after they plunged on Monday. Worries over lower production at Libya's 300,000 barrel-per-day Sharara oil field buoyed prices further. Output at the field, one of the country's largest, has fallen by around 20% due to protests. These production troubles have offset some of the earlier macro bearishness in the market, said ING analysts in a client note. Reuters

Home Business

Oil prices rebound 1% on concerns wider Mideast conflict may cut supply

06-08-2024 09:58 AM

Ammon News - Oil prices rebounded by 1% on Tuesday, paring the previous session's loss, on supply concern amid an escalating Middle East conflict, stronger U.S. services sector data and a cut in production at Libya's Sharara oilfield.

Brent crude futures gained 76 cents, or 1%, to $77.06 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude futures climbed 92 cents, or 1.26%, to $73.86.

On Monday, both benchmarks fell about 1% against a backdrop of falling global stock markets.

BP shares surged as much as 9% at the start of trade Tuesday, before settling back with gains of around 2%.

Price gains also occurred amid a broader rally in Asian equity markets after they plunged on Monday.

Worries over lower production at Libya's 300,000 barrel-per-day Sharara oil field buoyed prices further. Output at the field, one of the country's largest, has fallen by around 20% due to protests.

These production troubles have offset some of the earlier macro bearishness in the market, said ING analysts in a client note.

Reuters

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